Zacks Investment Research Downgrades SPX (NYSE:SPXC) to Sell

SPX (NYSE:SPXC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday, February 17th.

According to Zacks, “SPX Corporation (NYSE: SPXC) is, along with its subsidiaries, a diversified, global supplier of infrastructure equipment with scalable growth platforms in heating, ventilation and air conditioning (HVAC), detection and measurement, and engineered solutions. HVAC solutions offered include cooling towers, residential and commercial boilers and comfort heating products. The detection and measurement products encompass underground locators and inspection equipment, fare collection systems, communication technologies and specialty lighting. Within the engineered solutions platform, SPX Corporation is a leading manufacturer of medium and large electrical transformers, as well as cooling towers and heat exchangers for industrial applications. With operations in 15 countries and approximately $1.5 billion in annual revenue, SPX offers a wide array of highly engineered products with strong brands. Based in Charlotte, North Carolina, SPX Corporation employs approximately 5,000 people worldwide. “

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A number of other research analysts have also recently issued reports on SPXC. ValuEngine cut shares of SPX from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th. TheStreet upgraded shares of SPX from a “d+” rating to a “c” rating in a research note on Monday, November 6th. Susquehanna Bancshares set a $32.00 price target on shares of SPX and gave the company a “hold” rating in a research report on Friday, February 16th. Finally, UBS Group assumed coverage on shares of SPX in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $41.00 price target on the stock. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $36.00.

Shares of SPX (NYSE:SPXC) traded down $0.16 on Friday, hitting $31.50. 199,740 shares of the stock traded hands, compared to its average volume of 245,371. SPX has a 12 month low of $21.97 and a 12 month high of $33.93. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.37 and a quick ratio of 1.06. The company has a market capitalization of $1,349.37, a PE ratio of 17.72 and a beta of 1.57.

SPX (NYSE:SPXC) last issued its quarterly earnings results on Thursday, February 15th. The company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.01). SPX had a return on equity of 31.70% and a net margin of 6.26%. The business had revenue of $387.00 million for the quarter, compared to analyst estimates of $396.35 million. During the same quarter last year, the firm posted $0.69 EPS. SPX’s revenue for the quarter was down 2.1% on a year-over-year basis. sell-side analysts forecast that SPX will post 2.1 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Elkfork Partners LLC purchased a new stake in SPX during the 4th quarter valued at $159,000. Quantitative Systematic Strategies LLC bought a new position in SPX in the 3rd quarter worth $202,000. OxFORD Asset Management LLP bought a new position in SPX in the 3rd quarter worth $202,000. Milestone Group Inc. bought a new position in SPX in the 3rd quarter worth $206,000. Finally, IFC Holdings Incorporated FL bought a new position in shares of SPX in the 4th quarter worth about $207,000. 87.34% of the stock is owned by institutional investors.

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SPX Company Profile

SPX Corporation is a global supplier of infrastructure equipment. The Company operates through three segments: HVAC; Detection and Measurement, and Engineered Solutions. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products.